What is sustainability in business, and how can it be achieved?

Every business venture starts with an idea, but it takes more than inspiration and passion for any business to stand the test of time. Statistics have it that about twenty percent of businesses fail within the first year of their establishment, which translates to one in every five start-ups. What exactly causes the early demise of businesses? Is it the challenge of capital, or management of the business? Comments left on review platforms like ReviewsBird.com show that many failures that occurred were traceable to insufficient information about the industry/sector, and faulty or insufficient planning.

Sustainability in Business

Sustainability in business simply means keeping the survival and continued success of the company in view in all the activities of any economic entity – in terms of how decisions are made, the efficiency and sustainability of processes that operate in the business, employee management, and retention, customer relations, and most importantly, setting practical financial goals and working towards achieving them.

How to achieve sustainability in business

  • What does sustainability mean to your business? Does it mean always having access to loan companies and their facilities? Does it mean having a low rate of employee turnover? Does it mean keeping the business of certain corporate bodies, or meeting a particular profit margin annually?
  • With this done, it is easier to set objectives that will drive the activities and the culture of your business. Ensure that you make your objective Specific, Measurable, Achievable, Realistic, and Time-bound (SMART) for increased efficiency.
  • Keep track of your mission, and adjust it as your company grows or expands. Remember that the mission of a company is what every member of the company works with, and it should be regularly upgraded if need be so that everyone is working in tandem for the success of the company.
  • You need to craft a sustainability strategy that will ensure that you keep the loyalty of your customers, as well as sustain your profitability. If you need to refine your businesses, make any upgrades, become automated or digitalized, or any other thing needed to keep compliant with prevailing needs, do not hesitate to do so.
  • Regularly review all aspects of our company/business such as core values, business etiquettes, processes, employee management, etc. to ensure that your daily activities are in tandem with the image you project to the world.
  • When all is said and done, can your business run itself without your presence? Have you built a solid capital base that can ride your business over in case of any economic downturn or unfortunate event? Herein lies the challenge of sustainability – a company’s capacity to survive and flourish irrespective of the presence or absence of the founder.

Businesses should research extensively about other companies that have existed and continue to stand the test of time in their respective industries so that they can have a model to work with. Whether in financial, staffing, supply/procurement, or administrative decisions, sustainability should be the watchword of any business that hopes to attain returns on investment of any type.